News stories from Monday July 29, 1974

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The House Judiciary Committee voted overwhelmingly tonight to adopt a second article of impeachment, charging that President Nixon failed "repeatedly" to carry out his constitutional oath and duty to uphold the nation's laws. By a roll-call vote of 28 to 10 with 7 Republicans joining all 21 Democrats, the committee formally urged the House to impeach and the Senate to try Mr. Nixon for a series of alleged abuses of power. [New York Times] Hoping to stop what may become an impeachment stampede, the House minority leader, John Rhodes of Arizona, is expected to announce this week a plan for a series of informal "rap sessions" to give Republicans an opportunity to debate the impeachment issue. Some Republicans in the House said that impeachment sentiment within the party was growing daily. Mr. Rhodes believes that the House Judiciary Committee proceedings have been "a one-sided affair, to say the very least." [New York Times] John Connally, who had been Democratic Governor of Texas from 1963 to 1969 and, after switching to the Republican party, had served as Secretary of the Treasury under President Nixon, was indicted by a Watergate grand jury on five counts dealing with accepting a bribe, perjury and conspiring to obstruct justice. He was indicted for allegedly receiving $10,000 in two cash payments from a dairy organization in exchange for his recommendations that the federal milk-price support level be raised. Jake Jacobsen, a lawyer for the dairy group, against whom an earlier perjury charge had been dismissed, was indicted again with Mr. Connally. [New York Times] In a ceremony that defied Episcopal laws and traditions, 11 women were ordained as Episcopal priests at the Church of the Advocate in North Philadelphia. The ordinations could lead to disciplinary actions against the women, who had already been ordained as deacons, as well as the four bishops who ordained them. "We believe it is a Christian duty to disobey unjust laws," said Dr. Charles Willie, a black Episcopal layman, in a sermon at the ceremony. [New York Times] In New Jersey, about 18,000 construction workers demonstrated in front of the State Capitol in Trenton and angrily demanded that Governor Byrne act to provide more jobs for their severely depressed industry. The Governor was cheered when he acknowledged that the employment outlook was bleak, but the cheers turned into boos and catcalls as he put the blame on the Nixon administration and began to recount the accomplishments in the first six months of the Byrne administration. [New York Times] The Foreign Ministers of Britain, Greece and Turkey recessed until tomorrow after 31 hours of almost continuous negotiations in Geneva without reaching an agreement on a Cyprus cease-fire. After an agreement on a "provisional solution" early today, the talks broke down on the crucial issue of the withdrawal of Turkish troops. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 770.89 (-13.68, -1.74%)
S&P Composite: 80.94 (-1.46, -1.77%)
Arms Index: 1.02

	Issues	Volume*
Advances	243	1.80
Declines	1,146	8.66
Unchanged	335	1.10
Total Volume		11.56

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
July 26, 1974	784.57	82.40	10.42
July 25, 1974	795.68	83.98	13.31
July 24, 1974	805.77	84.99	12.87
July 23, 1974	797.72	84.65	12.91
July 22, 1974	790.36	83.81	9.29
July 19, 1974	787.94	83.54	11.08
July 18, 1974	789.19	83.78	13.98
July 17, 1974	784.97	83.70	11.32
July 16, 1974	775.97	82.81	9.92
July 15, 1974	786.61	83.78	13.58